Abstract
Recent financial scandals have led to calls for greater regulation of business activity. Increased regulation, including self-regulation, generally requires increased supervison, yet the performance of supervisors has also been under review. Elements of the supervisory task may be better performed when supervisors are able to show courage in their actions. This paper examines the nature of both courage and the supervisory role, and suggests activities which may be used to enhance courageous behaviour in supervisory agencies. Governments have responded to high profile business collapses, such as WorldCom, Global Crossing and Enron in the United States and One.Tel, Harris Scarfe and HIH in Australia with calls for greater self-regulation (Howard 2002), new corporate responsibility measures such as the Sarbanes-Oxley Act, and reviews of the regulatory regime for the accountancy profession and for stock exchange listing (DOT 2002, FSA 2003).
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